Hitachi Payment Services, in partnership with the National Payments Corporation of India (NPCI), has introduced India’s first Android-based cash recycling machine at the Global Fintech Festival 2024. This advanced machine serves as a digital banking unit, offering a wide range of banking services. Let’s dive into what this means for your banking experience.
What is an Android-Based Cash Recycling Machine?
The machine functions as a digital banking unit, a specialized hub with digital infrastructure for delivering and servicing banking products and services. According to the Reserve Bank of India (RBI), these units can operate in both self-service and assisted modes, making banking more accessible.
Services Offered by Android-Based Cash Recycling Machines
- Comprehensive Banking: The machine allows you to perform various banking activities, including:
- QR-based UPI cash withdrawal and cash deposit.
- Opening bank accounts and issuing credit cards.
- Applying for personal loans, insurance, MSME loans, and FASTag services.
- Recharging FASTag and more.
- Customization: Built on the Android platform, these machines offer hardware and software flexibility, enabling banks to create a customized digital banking experience for their customers.
How Will It Benefit Common People?
- Expanded Access:
- Financial Inclusion: These machines bring banking services to remote areas, helping banks serve customers more effectively, no matter their location.
- Enhanced Convenience & Security:
- Single Touchpoint: Offers multiple services through one interface, reducing the need for physical cards and giving customers more control over their transactions.
- 24/7 Availability:
- Anytime, Anywhere: These machines are available round the clock, allowing customers to conduct transactions whenever it suits them.
Where Can You Find These Machines?
Banks have not yet rolled out these machines, but Hitachi Payment Services plans to deploy them at self-service banking touchpoints beyond traditional bank branches, significantly expanding access to banking services in underserved areas.
These Android-based cash recycling machines are set to revolutionize banking in India, making it more accessible, secure, and convenient for everyone. Stay tuned as banks begin rolling out this innovative technology to a location near you!